Co-managers Sam Vecht and David Reid have finalised changes to the trust that see it “unconstrained by benchmark weightings”.
As part of this transition, the total number of holdings in the trust has been slashed from 45 to 28 with the average holding size increasing from 2.4 per cent to 3.7 per cent.
With the portfolio undergoing major changes, co-managers Sam Vecht and David Reid are now predominantly overweight financials with 36.6 per cent. In terms of geography, Russian equities have over half of the portfolio with 56.1 per cent.
Vecht says: “We have made significant changes to sector weightings, and the new investment strategy has enabled us to express greater conviction in areas which have low representation in benchmark indices.
”For instance, there is now a significant portfolio allocation to the technology sector, an area of exciting opportunity, which remarkably is hardly represented in the MSCI Emerging Europe Index.”